The New Year is a great excuse to get back on financial track. After a holiday season full of splurging on holiday events, travel, and gifts – now is a great time to adjust your budget and put more money towards your savings or emergency fund. There are many ways to lower bills and reach your financial goals in 2022. Here are just a few tips to lower bills.

How to lower transportation costs

While transportation costs fall in the “needs” category of many budgets, you might be able to find ways to lower what you spend on getting around.

Car Payments

1. Refinance your car loan. You can lower bills by refinancing your auto loan and securing a better interest rate or extending the length of your loan.
2. Sell your car. Did you know that you can earn more money by selling your car than trading it in? You can use the cash from the sale to pay off your current car loan. You can then buy or lease a less expensive car or used car. You might also find that you don’t need a car and can get by with public transportation.

Car Insurance

1. Reduce your policy coverage. If you own an older car, you might not need full coverage. You can lower bills by dropping collision and comprehensive coverage, which cover damages to your car, if your car is worth less than your deductible and a year of premiums.
2. Increase your deductible. If you are a safe driver, or don’t drive much, you might consider increasing your deductible. This will lower your monthly insurance premium costs, but it will also increase your out-of-pocket costs if you are in an accident. This isn’t a great option if you don’t have an emergency fund or savings to cover you in the event of an accident.
3. Ask for discounts. Make sure to check for any discounts you may qualify for like a good student, safe driver, and multi-driver discounts. You can also bundle your car insurance with home or life insurance in some cases and save as well.

How to lower food costs

Your nutrition doesn’t need to suffer to lower bills. You can save and still eat well.

1. Never shop without a list. Grocery store displays are designed to increase impulse shopping. You are less likely to impulse buy and overspend by creating a plan and sticking to it.
2. Clip coupons. Today, most people go online for coupons, but many markets still provide paper coupon books and deal guides. If you make a shopping list, you will know what coupons to look out for and save.
3. Shop generic labels. Store brands are less expensive than big brands, even when you are shopping at a more expensive store.
4. Join the loyalty program. Many grocery stores offer loyalty programs that are free to join. You will be asked to complete a profile, and then you can use your card or phone number to access savings.
5. Look for specials at restaurants. It’s hard to completely cut out dining out. You can save at restaurants by going out for lunch instead of dinner or dining during happy hour. Some restaurants also offer promotions on certain nights of the week when less people dine out like Mondays and Tuesdays.
6. Don’t order entrees. You can save by ordering an appetizer or sharing an entrée to reduce the bill.

How to lower your debt costs

One of the best ways to lower bills is to manage your debt. You can get relief from your debt.

1. Ask your credit card company to lower your interest rate. If you have a history of making timely payments and a good credit score, you can ask your credit card issuer to reduce your interest rate.
2. Transfer your balance. You can save money by taking advantage of a 0% balance transfer credit card. Some credit card companies offer 0% balance transfer cards that charge $0 transfer fees and 0% APR during an introductory period. That period varies from card to card but can be as long as 24 months.
3. Consolidate your debt with a personal loan. You can consolidate your debt with a personal loan from Uprova.com. We work with consumers with a wide range of financial backgrounds. You can borrow up to $5k to pay off existing debts. Consolidating multiple high-interest cards and/or loans can make it easier to pay them off.

Summary

There are many ways to lower bills in 2022. You can lower transportation costs by refinancing an auto loan or selling your car and buying a more affordable one. You can lower the cost of food by taking advantage of loyalty programs and coupons. You can save at restaurants by leveraging special promotions, or by ordering an appetizer instead of an entrée. You can lower the cost of your debt by asking for a rate decrease, transferring your balance to a card with a 0% introductory period, or consolidating your debt with a personal loan.

Learn more about Uprova personal loans today and get the funding you need when you need it.